Value Market Research delivers incisive insight into emerging markets in its latest report on Global Benzoic Acid Market. The report states that the global benzoic acid market was valued USD 1.03 Billion (by revenue) in 2017 and is anticipated to reach USD 1.45 Billion by 2024 with a CAGR of 4.8 from 2018 to 2024.
The report forecast that the benzoic acid is likely to gain demand basically from the food and beverage industry where it is used as a preservative in food, soft drinks, and fruit drinks. Further, the benzoic acid is also expected to gain strong demand from cosmetic industry where it is used for the production of lotions, creams, and deodorants. In the pharmaceutical industry, it is used for the preservation of drugs and also as an inactive ingredient it is used as an antimicrobial preservative, antifungal, and tablet & capsule lubricant.
All the latest information have been covered in the recently released "Global Benzoic Acid Market Report segmented By Application (Preservatives, Sodium & Potassium Benzoate, Benzoyl Chloride, Benzoate Plasticizers, Alkyd Resins, Animal Feed) And By Regions - Industry Trends, Size, Share, Growth, Estimation and Forecast, 2017-2024".The report covers the segmentation on the basis of application and region.
The major outlet of benzoic acid is in chemical intermediate in the manufacturing of phenol compound, which is mainly used to produce caprolactam. The next largest application is where it is used as feedstock for sodium benzoate and for the production of plasticizers. The sodium benzoate is used as preservatives in the food and beverage industry. Mainly, benzoic acid is used as a chemical intermediate in the production of other chemical products and also for the synthesis of sodium salts. Therefore, it has major application area across in chemical industry but pharmaceutical and food are also some of the functional areas of benzoic acid where it is used as preservatives and flavoring/fragrance agents. Benzoic acid is also used as anti-bacterial agents in the edible coating.
Benzoic acid has wide application across preservatives, sodium & potassium benzoate, benzoyl chloride, benzoate plasticizers, alkyd resins, animal feed. Out of which, potassium benzoate and sodium benzoate are gaining popularity since they have extensive application in food preservation to improve product safety, maintain product quality and to extend shelf-life of the product.
The study of the market has been conducted across the top five regions i.e. North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. From the geographical point of view, Asia-Pacific is leading the global benzoic acid market. The growth of the benzoic acid market in this region can be attributed to the shifting preference towards processed and packaged foods and ready-to-drink beverages particularly in countries like China and India.
The Report Segments Global Benzoic Acid Market –
Emerald Kalama, Hubei Phoenix, Fushimi, Nantong Haiers, Huayin Jin Qian Cheng, San Fu, and Wuhan Youji Industries
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